Anonymous
map-marker Bay Minette, Alabama

Lendingclub

I applied for a small loan of 3500 and was approved. I needed this loan for a move that I am making now.

No money after 7 days in review. All documents were submitted. I am moving now and having to use credit credits for moving cost. Seriously, how long does it take to review such a small loan.

They have hit my credit and No funds. After reading these other remarks , I realize that I probably should have researched them better. Avant has a higher rate but funds are usually deposited within 2 days . Credit Karma reviews show that people who have borrowed from them get funded within 2 days.

Must have been posted by an employee.

Had I known it would take so long , I would have applied elsewhere. Don't want to hit my credit again with another company

View full review
Reason of review:
Order processing issue
1 comment
Kloee Gax

Hi, sorry to hear you're finding the verification process longer than you'd like but it's a very important part of our process. You can check the status of your application at any time by emailing support@lendingclub.com.

Anonymous
map-marker Truckee, California

Took payment out of my bank account after loan was paid off

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I called two weeks ago to let them know I was paying off the loan and to cancel my automatic payments.There representative agreed and said they had done so. My bank sent the payoff.

Lending Club then took my usual payment the next day for $500. When I called customer service, they admitted I had called in advance and they admitted it was their mistake and that they should not have taken the payment. They then said, "too bad, so sad", it will take two weeks to return your money to you.

Try seeing if your bank cans top the payment (also 7-10 days to file a fraud claim). I say that now I am not a client, they don't care about me.

View full review
Loss:
$500
Pros:
  • Smooth process
  • That they approved my loan
Cons:
  • Constant mailings after you have a loan already
  • Customer service
Reason of review:
Poor customer service

Preferred solution: Full refund

1 comment
Kloee Gax

Lending Club strives to provide the very best service to all of our customers. We’re sorry we didn’t meet your expectations and appreciate your feedback. We’ll use your feedback to improve our service, and hope that we can regain your confidence in the future.

Anonymous
map-marker Blackshear, Georgia

Still Have not Received Funds

I applied for a loan in the beginning of May and still have not received any funds whatsoever. Every time I call or email I get the same response about the loan trying to be funded.

At first they said 7-14 days and then 14-30 days. I'm at literally right at the 30 day mark and still have received nothing. Customer support (via email and call) all say I have to wait.

I have never seen a loan process take that long. Usually a loan takes 5-7 business days and I was even ok with the 7-14 day turn but still waiting at 30 days and have not even began to be funded is ridiculous.

View full review
Reason of review:
Poor customer service
6 comments
Guest

Don't use this web bank it is a scam

Guest

i see this complaint ALOT on this thread and it has me worried. i applied a week ago and got approved for a $9700 loan.

They told me i would hear back in 1-3 business days and it has now been a week, so after reading all these i'm starting to get a little worried. It only took me 20 minutes to get approved for a $23,000 car loan 4 years ago, so waiting for a week and still no answer for an amount that isn't even half that has me wondering.

Guest

They fund the loan by other people getting together lots of people and each fund part of your loan it can't be released to you till they have the loan compleatly funded then a part is taken as a fee and yes you have to replace that too but it is worth it especially to combined other bills on one clear interest rate for three years I have a loan with them too.

Guest

Same thing here it's been almost 30 days first 2 times I called they said it would be another week then after 2 weeks they tell me it usually takes 14-30 days so after I call this time are they going to tell me 30-45 days?

I'm not applying for a loan because I might need it in the future I need it now or a month ago really

Kloee Gax

Generally, loan requests remain on our platform for 30-45 days after first starting your application. However, the process could be much faster than this depending on our loan volume and the supply of investor funding.

Please bear with us! Investors are still committing funds to your loan and you’re almost there.

We'll email you when we have an update on the status of your loan.

If you have any other questions, you can reach us at support@lendingclub.com.

Guest

Same situation here. Applied about the same time.

2 Weeks ago I was told 7 days. At the week mark, I was then told 14-30 days!

I have a feeling with the CEO/Company downfall in the recent weeks, they are struggling to get investors. In reality, I think customer service knows funding is at a stand still, and are clinging to applicants in the hopes investors do come back.

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Anonymous
map-marker Norwalk, Connecticut

Lending Club - Review in Loans and Mortgages category from Norwalk, Connecticut

Deceptive advertising. I got an offer saying my loan had been preapproved only to be denied outrightly when i applied for a loan. Never had this experience before with a financial services company.
View full review
Reason of review:
Poor customer service
1 comment
Kloee Gax

We use information provided by credit bureaus to identify potential borrowers and invite them to apply. When you respond to a pre-approved offer, we request updated information from credit bureaus to verify that you continue to meet the criteria the offer was based on.

We may also request additional information, such as income and employment status.

We use all of this information to determine if you qualify for a loan. Sometimes, your current outstanding debt is too high relative to your income, or changes have occurred in your credit report since we identified you as a potential borrower.

In those cases, your loan may be declined. - Lending Club

Anonymous
map-marker Waterbury, Connecticut

How long should i be waiting for my loan to be funded?!?!

In April i applied for a 24 thousand dollar loan. everything is approved and every time i call customer service they tell me 1 more wk.

a wk later i call and they said 2 more wks. it has already been over a month now. can someone tell please tell me how long i should wait till i pull the plug on this pending funding?

and since i am approved and just waiting for the funding to be in my bank, does this mean a hard inqueiry was impacted on my credit score??? i am planning for a very important event and can not wait around another month.

has anyone else gone through this please tell me how long it took u for your funding to go through. and should i cancel.

View full review
Reason of review:
Order processing issue
12 comments
Guest

I was pre- approved for $40,000, I applied for $15,000 to pay off my car and credit cards, they asked for link to my bank and verify email on my to do list, Now it says my to do list is completed. And also funds have been approved by lenders, I applied about a week ago, called them several days ago and the guy said everything looked good but they have alot of ppl applying and processing as fast as they can, he said mine could take up to 45 days but prob not.

Just wish I'd know that I just would have went thru my bank, so I think I'm just waiting for the funds to be deposited into the account not sure it says still under review, I really hate waiting wondering are they going to ask for more info?? Not a problem but wish they'd speed it up, or they going to deny even tho it says lenders approved??

Guest

I have been waiting also got over 35 days for my Loan to fund. I am assuming they are running out of investors.

Guest

I just got off of the phone with a Lending Club CSR. I applied for a $24,000 loan on May 4, 2016, but all I continue to get is, "We're still trying to fund your loan".

As a repeat customer with an excellent credit rating, 2 1/2 weeks is totally unacceptable, after being approved. Therefore, I withdrew my application and have no doubt that his has a lot to do with the "Club's" legal problems.

Guest
reply icon Replying to comment of Guest-1165855

im sorry you had trouble as well. i just got my complete funding a few days ago.

it took over a month with patience only bc i really needed the 24K. but im glad i stuck through.

hope you find another way of getting what you need. good luck.

Guest

I applied for one 2 and a half weeks ago. It's now on the 14th day .

Lady said it can take anywhere from 14-30days more.

When originally they said it will take 7-14 days. I think it has a lot to do with the news that's been going on.

Guest
reply icon Replying to comment of Guest-1165211

mine took over a month because of whats been gng on they also said the loaners and bankers are really busy this time of the year..i have a big loan so it took awhile i just recieved it a few days ago. if you really need it, i guess have patience and keep checking your funding progress there should be an icon on the left corner says view your bankers or something like that. good luck

Kloee Gax

Hi, we're sorry to hear that you had this experience. We want to connect but don't have a way to reach you.

Could you please send an email to support@lendingclub.com with a number or email address where we can reach you?

We're staffed 6 AM to 5 PM PST, Monday through Saturday. Thanks, Lending Club

Guest
reply icon Replying to comment of Kloee Gax

i got my complete funding a few days ago. took some time but it was worth the wait in my case. thank you for your reply

Guest

We applied 2 weeks ago and called last week they told us it would be another week then called again today and said its been taking 14-30 days this will be our second loan

Guest
reply icon Replying to comment of Guest-1164692

they say its a really busy time for bankers and loaners.. mine just went through for 24K though, im not sure if yours will be that much i think if yours is alot less then itll be quicker.

mine took over a month for the 100% of the funding. hope it works out for u.

View more comments (11)
Anonymous
map-marker Johnson City, Tennessee

My experience with lending club

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I applied for a $9600 dollar loan on 5/11/16 the process was quick, how much I wanted and what rate I wanted to choose. I got my to do list which was to verify my email and that was it for about five days including a weekend. All the while it said my loan was being backed even though I couldn't find my loan listed anywhere. On 5/20/16 I got an email saying my loan was fully funded and I needed to complete my to do list, when I logged into my account it said I didn't need to do anything that my to do list was complete and the funds would be sent to my bank. Later that day it said I needed to verify my bank account, again when I logged in it said to do list was complete and congrats on loan approval! Today 5/21/16 the money shows as pending and will be fully in my account by Monday. All of my loan documents are there for viewing and my loan was backed by one investor. The whole time all I had to do was verify my email. Quick, and easy process. Thank you lending club
View full review
Reason of review:
Good customer service
1 comment
Kloee Gax

Thank you for the feedback and we're glad you were happy with your experience!

Fabio Pmj

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Twentynine Palms, California

BOLD FACE LIARS

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full

Their advertisement is a scam. they dont offer rates anywhere near what they advertise.

They ought to have a law against their false advertisment. No way would i get a loan from them. No matter how bad my financial situation. They advertise 8.5 % interest however, they offer 28 + % and they dont issue u a loan for the amount that they advertise.

Very disappointed in their false advertisement. Please do not send me anymore *** propaganda.

I am very disappointed in the way they run their business. They are preying on the the general population who are in need and deliberately lying in order to make their money.

View full review
Loss:
$1000
Cons:
  • Lc refinancing gouges lenders
  • Payoff procedures
  • Approval then getting turned down
Reason of review:
bullshit

Preferred solution: Full refund

1 comment
Kloee Gax

Hello, thank you for your feedback.

Rates on loans available through Lending Club range from 5.99% APR to 32.99% APR.

Rates are set for each individual customer based upon our experience with facilitating billions of dollars in consumer loans through the Lending Club platform.

To qualify for the lowest rate, applicants must have excellent credit, including a high credit score, low percentage of total outstanding debt versus income, a long history of credit with significant successful credit lines, and other factors.

We provide detailed information on our Web site on how we set rates. [https://www.lendingclub.com/public/rates-and-fees.action]

If you have further questions, please contact us at support@lendingclub.com or call 888-596-3157 between 6:00am–5:00pm PST, Monday – Saturday.

Anonymous
map-marker Austin, Texas

Lending Club Lies About "Pre-Approved"

Lending club sends out letters saying the potential borrow is "pre-approved". This is a lie.

The potential borrower is *NOT* pre-approved. Lending Club tells this lie to induce people to apply. If the application is rejected, they say "Oh well." It's a scam.

They purposely chose the words "pre-approved" because they know that people will not apply unless they think that they have a reasonable chance of being approved, generally speaking. So rather than tell them the truth, that no one is approved until the application is submitted and scored, they simply lie and tell everyone that they are "pre-approved".

View full review
Reason of review:
Bad quality
2 comments
Guest

They are scumbags,and liers

Kloee Gax

Hello. Thank you for your feedback.

We use information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers, and send pre-approved loan offers based on those criteria.

Because several weeks pass between the pre-screening process and the application, when you respond to a pre-approved offer, it's important that you continue to meet the credit criteria that the offer was based on.

We verify this by requesting updated information from credit bureaus. We also request additional information, such as income and employment status.

Both sets of information are used to determine if an applicant qualifies for a loan offer.

Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant’s current outstanding debt is too high relative to their income or that changes have occurred in their credit report since pre-screening.

The specific reasons why a loan application was declined are provided in an adverse action notice.

If you have received an adverse action notice, you can review it again by logging into your Account Summary.

Please note that the pre-screening process and loan application don't impact your credit score, because neither action is reported to the credit bureaus as a hard credit inquiry. You are eligible to apply again for a loan via Lending Club 30 days after the date of the last application.

View more comments (1)
Anonymous
map-marker Mountain View, California

Lending Club - Loan Review from Mountain View, California

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Deceiving company. They lead you to believe all is going great with your loan, they send e-mails that say "hooray, your loan is fully funded, your money is on the way".

Then they validate your bank account so everything seems to be going great. 17 days later they need more info, so I send it anxiously thinking " I am one step closer to getting loan". More waiting....then they call to ask if I have any other income. Our household income is over 85,000, but apparently, that doesnt matter.

Lending Club plays with your mind and practices deceptive behavior. I applied for a loan on July 22nd, and today is August 10th 2015 and there is no sign of any loan being approved or progess being made. Totally aggrevated.

I dont recommend Lending Club, unless you dont really need a loan! And you like to be let down after they bulid you up!

View full review
Reason of review:
Order processing issue
16 comments
Guest

online lending?? cummon you obviously can't get a loan from a REAL SOURCE ! get over it

Guest

Same thing is happening to me I have done everything they have asked for, my loan is supposedly 100% funded, now they have been on the final review and still no loan, I am going to my 3rd week and starting to feel very frustrated and angry, I do not recommend this company at all!

Guest

I have the same experience with them 16 days now an still its saying review I don't recommend them to no one

Guest

I had the same thing happen to me only they got into my bank account and changed my information so I had to close the account. What ever you do DO NOT USE THEM THEY ARE A SCAM

Guest

very frustrating sounds like they are backed up !!

This is crazy since a department can approve you instantly!!

7 days seems reasonable but 3-4 weeks crazy and frustrating

Guest

I did some research on this company and found out they are really struggling financially. I would stay far away from this place.

Guest

Lending Club only looks at yearly INDIVIDUAL income. It's a personal loan for only one person and it's the responsibility of that one person to pay back the loan.

Guest

I am in the process right now! They make it sound so quick.

Mine has only been 10 days but they make it seem as though it will happen much faster. I turned in the documents they needed the very same day. I too, received an Email that my loan is fully funded, but still nothing! I am worried it will take as long yours is.

Just frustrating because they say how quick and easy it is and then you don't start a loan with another firm. Will see what happens, I may go elsewhere.

Kloee Gax

Hi, we're sorry to hear that you had this experience. We want to connect but don't have a way to reach you.

Could you please call our Member Support line at 888-596-3157 or send an email to support@lendingclub.com with a number or email address where we can reach you?

We're staffed 6 AM to 5 PM PST, Monday through Saturday. Thanks, Lending Club

Guest
reply icon Replying to comment of Kloee Gax

I am in the same boat as these people. I feel as if I have made a huge mistake trusting lending club to get me a loan.

I applied and sent in all my documents on August 10th. I received a response claiming my loan was fully funded by investors the same day. It is now August 23rd and there has been no contact or any sign of progress. In the military we refer to this type of behaivor as false motivation.

In the business world it is simply unethical to lead people on this way. I will do my best to warn others about this site and hope the powers to be will hold them accountable at some point soon.

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Anonymous
map-marker Chicago, Illinois

Lending Club - Loan Review from Chicago, Illinois

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My loan was handled in a professional manor. Not surprised by fee as many inidividuals come together to fund a loan it's personal for them and personal is how I'm treated they helped me understand each step so I could make the best choices,I am happy with this companies lending stratigies.

View full review
Reason of review:
Good customer service
2 comments
Guest

Total scam if they call you. They notify you by mail they never call you first. Illinois number are scammers trying to take your money

Kloee Gax

Thank you for your feedback and the kind words. We are very glad you were happy with your experience and that we were able to assist you! If you have any further questions, you are welcome to contact Lending Club by email at support@lendingclub.com or call 888-596-3157 between 6:00am–5:00pm PST, Monday – Saturday.

View more comments (1)
Anonymous
map-marker Portsmouth, Ohio

Jusy say NO!!!

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I recently applied for a loan with the Lending Club and had no difficulties, bought the 150 buck i-tunes card (which I borrowed from my engaged daughter) then after giving them the code on the back of the card, they transfer me to another associate, "Sam" , who then tells me that in order to recieve the loan, I must now send them $199.00 (processing fee), which of course will be refunded to me along with the $150.00 spent on the i tunes card.Problem is, I need the money, because I don't have any at the moment. If I had 350.00, I wouldn't be in this bind. So thanks but no thanks. My mind keep saying...."scam, scam, scam". They even sent me a loan agreement, WHICH DOES NOT MENTION THE $199.00 AT ALL!!!!
View full review
Loss:
$150
Pros:
  • Friendly customer service reps
Cons:
  • What they advertise is not what they deliver if ever
Reason of review:
Pricing issue

Preferred solution: Let the company propose a solution

1 comment
Kloee Gax

Unfortunately, it seems you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. When we first became aware of this several months ago we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737).

We encourage you to add your voice to these complaints.

We don't know how the fraudsters became aware of you but what we've seen in the past is that they contact the victim using the Lending Club name or a variation of Lending Club. They promise the victim that they can obtain a loan through Lending Club by paying an application fee. Similar to what you are describing, we’ve heard that the fraudsters return to the same victim multiple times requesting additional funds in exchange for securing a loan.

Funds are usually transferred to the fraudsters through the use of a Green Dot, Vanilla Visa card, or based on your case, a MoneyPac -- companies with whom Lending Club has no relationship. The people you spoke with were part of the fraud scheme, and weren't affiliated with Lending Club, and the money you sent wasn't sent to Lending Club but likely was delivered directly to the fraudsters.

We're sorry this happened to you and encourage you to report this to the authorities. Additionally, you can read more about tips for staying safe in our blog post here: http://blog.lendingclub.com/protect-online-scams-swindles/

--Lending Club

Anonymous
map-marker Hialeah, Florida

Are they a scam??

Received a phone call saying that I can be approved for a loan without a credit check. But, they need for me to get an iPhone card in the amount of $150. They said that this will be refunded to me a few minutes after the loan amount is deposited in my account. Does not sound legit to me. Has anyone else had this experience? I did not proceed with the loan as it did not sound right. However, they keep on calling me back. I could certainly use the money but do not want to throw $150 out the window. Please reply to ibasold@***.com. Thank you.
View full review
5 comments
Guest

any loan you have to pay for prior to getting the actual loan, is something you should stay away from. It will be impossible to get your money back from over seas.

Kloee Gax

We're sorry this happened to you and encourage you to report this to authorities, as it appears you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. We became aware of this scheme several months ago and immediately met with the United States Secret Service, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737).

We encourage you to add your voice to these complaints to try to prevent this happening to others in the future. Although we're unsure how the fraudsters became aware of you, what we've seen in the past is that they contact the victim using the Lending Club name or a variation of Lending Club. Funds are usually transferred to the fraudsters through the use of a Green Dot or Vanilla Visa card (or similar device), companies with whom Lending Club has no relationship and were not affiliated with Lending Club.

The money you sent wasn't sent to Lending Club but likely was delivered directly to the fraudsters. --Lending Club

Guest

Scam!!! Tell them never to call you again and hang up. If they call back, just keep hanging up.

Machele Imf

Yes, a scam.

Guest

Yes it's a scam. If they ask you to put money up front in any form, it's a scam

View more comments (4)
Anonymous
map-marker Warren, Michigan

Lending Club - Loan Review from Warren, Michigan

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I am sitting here in shock. I am so happy I am at a lost for words almost. I read the reviews and I was hesitant at first to apply. Something in me said take the risk and pray on it. I applied on Monday. I am sitting here now with 22550 in my checking account from them today. I applied for 24000. I know the origination fee came out of the amount and it was 6%. So this works. I want to let you know it is legit. It is a true company and everything went absolutely smooth for me. I faxed my paystubs, w-2's, and that was it for documents. They even provide you a cover sheet off their site if you can't upload it. Each client is different, some had to upload their bank statements. They are FAST. Very fast. I apply at a bank and that takes forever. This, was simple they send an email every step of the way. Awesome. My only suggesion is2 things: when you pick an amount and complete the application, make sure you think long and hard about the amount you NEED plus the origination fee of up to 6%. I put an amount in and later wanted to drop the amount because I overestimated my credit card debt. You cannot change the amount unless you withdraw the application and start over. But if you start over, you run the risk of a decline. Also, the rate is high, but it's most like still less than your credit card rates. Mine was 14% but apt was 17% because of the origination fee. Considering my credit cards are mostly 22%, I'm still good. These are just FYI so you can really pick a good amount and rate selection because you can't change it. So I had to leave a review and let you know that this method is great and I am feeling relief that I have help. I doubt a bank or credit union would give me such a large amount as Lending Club did. I can pay off my debt and have one payment instead of 10. Thank goodness for this company!!! So give them a try, it's a great way to get out of debt. This process was fast, professional, and informative of the process. Good luck.
View full review
Reason of review:
Fast order processing
3 comments
Guest

Predatory terms ...

"I applied for 24000. I know the origination fee came out of the amount and it was 6%.

So this works. I want to let you know it is legit."

Government should be all over this.

This is what is criminal in America. This person is paying a high rate of interest and is hit with an origination fee so big that the person is paying an effective rate in his/her first year equivalent to a loan shark.

I will send this over to the Attorney General in Michigan.

Guest
reply icon Replying to comment of Guest-1135163

Pls let us know what the Attorney General's response was to your "send this over."

Kloee Gax

Hello, thank you for the helpful feedback. Glad you were happy with your experience!

View more comments (2)
Anonymous
map-marker Los Angeles, California

Dissapointed!

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full

I have a loan with Lending Club or I thought I had one...see after requesting change of payment dates and being treated rudely by a customer service representative they went ahead and pulled double the amount of my payments which since it wasn't scheduled accordingly and my funds were not available, my March payment was considered late because the bank returned unpaid (since they tried to pull double amount) due to the payment date change; after that they try to pull another payment at the beginning of April (for the old payment date) and when I contacted them over email they weren't nice..so when the new payment date on 04/14 came up they went ahead and tried to pull one more payment and again due to the confusion there were no extra funds available...so long story short without a phone call, or an email they sent me to collections ***Vital Recovery Services***is calling me at work and on my personal phone; I'm shocked since I owe $4,000 out of a $15,000 loan and I have paid on time until the date change caused all kind of issues; any company will try to make arrangements with the customer but this people are acting extremely rude and now I will have to deal with some nasty people at Vital Recovery Services due to the lack of customer service. Can't believe that toward the end of my loan they will treat me like this.

View full review
Loss:
$4000
Cons:
  • Unwillingness to listen
Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

1 comment
Kloee Gax

Lending Club strives to provide the very best service to all of our customers. We’re sorry we didn’t meet your expectations and appreciate your feedback.

We'd like to try to help.

Could you please contact us at support@lendingclub.com or call 888-596-3157? We're here 6:00am–5:00pm PST, Monday – Saturday.

Anonymous
map-marker Spring, Texas

Lending Club Loan Review

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I was skeptical but had a great experience. My credit score isn't perfect but I was funded $11.5K for debt consolidation. Application process was simple and money deposited into my bank account within a week of application. My lending club loan interest rate is 10.9 APR and I was able to pay off those crazy high interest credit cards (some of them had crept up to 26% APR even though I pay on time!). There was an origination fee tacked on to the base loan amount but that was disclosed up front. I am quite pleased. Thanks investors!
View full review
Reason of review:
Fair pricing
1 comment
Kloee Gax

Glad to hear you had a great experience!

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